CoreWeave
“Can a purpose-built GPU cloud company become the dominant AI infrastructure layer by out-specializing hyperscalers on performance, while funding massive capital expenditure through investment-grade debt secured by GPU assets?”
Founded in 2017 as a cryptocurrency mining company leveraging NVIDIA GPU clusters, CoreWeave pivoted around 2019 to become a specialized GPU cloud provider for AI and high-performance computing as crypto profitability declined. The company's deep NVIDIA hardware expertise and purpose-built infrastructure positioned it as the leading independent AI cloud alternative to hyperscalers. Post-IPO in 2025, CoreWeave has aggressively expanded its data center capacity and secured large-scale enterprise AI contracts while accessing investment-grade debt capital markets to fund GPU infrastructure at unprecedented scale.